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Inheriting farm

  • 12-10-2018 4:37pm
    #1
    rovertom
    Banned (with Prison Access) Posts: 150 ✭✭


    Quick one.
    I'm inheriting 50 acres from uncle. I've had advice from accountant and I qualify for farm exemption with reduces value of property to 10 percent of market value for the purposes of taxation. The only additional requirement is that I farm it or rent it to qualified farmer.
    It's currently rented and as such will likely stay with same excellent farmer into the future.
    To satisfy exemption the farmer renting it has to have green cert or farm for 20 hours or more weekly.
    This chap doesn't have green cert so I'm just wondering what does one need to get exemption. Is it a simple declaration from the farmer, Does this have to go to revenue to agree early days or how does it work. Last thing I want is to take ownership and later for a query to arise over the exemption as there is rather a lot of money involved.


Comments

  • #2
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    rovertom wrote: »
    Quick one.
    I'm inheriting 50 acres from uncle. I've had advice from accountant and I qualify for farm exemption with reduces value of property to 10 percent of market value for the purposes of taxation. The only additional requirement is that I farm it or rent it to qualified farmer.
    It's currently rented and as such will likely stay with same excellent farmer into the future.
    To satisfy exemption the farmer renting it has to have green cert or farm for 20 hours or more weekly.
    This chap doesn't have green cert so I'm just wondering what does one need to get exemption. Is it a simple declaration from the farmer, Does this have to go to revenue to agree early days or how does it work. Last thing I want is to take ownership and later for a query to arise over the exemption as there is rather a lot of money involved.

    If he is a full time farmer and devotes most of his working time go farming there is no issue.


  • #3
    rovertom
    Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Heisenburg81 wrote: »
    If he is a full time farmer and devotes most of his working time go farming there is no issue.

    What paperwork is needed to claim the exemption from my side. He has a state job but does meet the requirement re 20 hours and is claiming various grants and glas etc.


  • #4
    Heisenburg81
    Closed Accounts Posts: 322 ✭✭Heisenburg81


    rovertom wrote: »
    What paperwork is needed to claim the exemption from my side. He has a state job but does meet the requirement re 20 hours and is claiming various grants and glas etc.

    You need to file a CAT return online and claim agricultural relief.
    If questioned you will need to evidence his farming meets the criteria.


  • #5
    rovertom
    Banned (with Prison Access) Posts: 150 ✭✭rovertom


    Heisenburg81 wrote: »
    You need to file a CAT return online and claim agricultural relief.
    If questioned you will need to evidence his farming meets the criteria.

    Ok. I know he is fully legit in doing his own tax returns on the farming so he should be happy to confirm anything we need.
    I certainly want to get this documentation up front to close it off, not be looking for it 2 years down the line if an audit was to come about.
    Thanks a lot.


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